("
AUDITED RESULTS FOR THE YEAR ENDING
Chairman’s Statement and Strategic Review
Business Review
The Directors are pleased to present the financial results for
On
On
Change from investment Company to
With the appointment of
In
As the health supplements and distribution model has developed and shown signs of strong growth, the Company has expanded its involvement and the management team has become more involved in the activities of Yicom and EI and has made further acquisitions in the sector.
As a result of the acquisition of Meihome the Board reviewed the activities of the Company.
Whist the Company had acted as an investment company with a generalist acquisition policy in recent years the acquisitions tended to be in one generic area. Most of the businesses have a focus on products for the Asian market with an emphasis on direct and indirect sales.
In addition to the investments the Company has made the Board is now working on a more active basis with the directors of the existing investments of Yicom, EI and Meihome. As a result, on
The minority interest stakes that the Company holds in the companies that no longer form part of the Company’s strategy are therefore now classed as “non-core assets” which the Company is seeking to dispose of at a time that it can acquire the best possible value for the same.
Outlook
Following the Company’s acquisition of a controlling stake in Meihome it has focused on further developing and growing Meihome’s e-commerce platform through the facilitation of business-to-business (B2B) and business-to-consumer (B2C) transactions.
The Company has reported year on year substantial increases in the growth of Yicom, however the accounts reflect a downturn in sales this financial year which has had a detrimental effect on the balance sheet of Yicom. Therefore the value of our 47% stake has been written down to reflect the position within these accounts. On
On
The Board are continuing with the application for a Standard Listing of the Company's Ordinary Shares on the Main Market of the
On behalf of the Board, I would like to take this opportunity to thank shareholders and professional advisers for their continued support of the Company.
Chairman and non-executive Director
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED
2019 2018 GBP GBP CONTINUING OPERATIONS Turnover 83,677 - Cost of Sales (31,812) - ------------------- ------------------- Gross Profit 51,865 - Other Income 42,153 16,016 Administrative expenses (799,267) (203,118) Finance costs (1,754) (3,724) Share of loss of associate (16,596) - Fair value movement on financial assets 21,045 - ------------------- ------------------- LOSS BEFORE TAX (702,554) (190,826) Income tax (19,117) - ------------------ ------------------ LOSS FOR THE YEAR £(721,671) £(190,826) ========= ========= OTHER COMPREHENSIVE INCOME Fair Value movement on available for - £93,351 sale assets TOTAL COMPREHENSIVE LOSS FOR THE YEAR £(721,671) £(97,475) ========= ========= Attributable to: Owners of the parent (718,009) (97,475) Non-controlling interests (3,662) - ------------------ ------------------ £(721,671) £(97,475) ========= ========= BASIC AND DILUTED LOSS PER SHARE (PENCE) (0.09) (0.01) ========= =========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
2019 2018 GBP GBP ASSETS NON-CURRENT ASSETS Goodwill 97,540 - Fixtures, fittings and equipment 49,104 - Investments in associates 416,237 - --------------------- -------------- 562,881 - CURRENT ASSETS Inventories 26,386 - Available-for-sale financial assets 266,807 1,010,762 Trade and other receivables 156,444 10,549 Cash and cash equivalents 174,042 437,326 --------------------- -------------- 623,679 447,875 --------------------- -------------- TOTAL ASSETS 1,186,560 447,875 CURRENT LIABILITIES Trade and other payables (211,051) (14,309) --------------------- ---------------- NET CURRENT ASSETS 412,628 433,566 --------------------- ------------------ NET ASSETS £975,509 £1,444,328 ========== ========= EQUITY Share capital 819,387 972,123 Share premium 1,658,590 1,496,090 Non-controlling interest 60,084 - Fair value reserve - 142,382 Foreign exchange reserve 5,268 - Accumulated losses (1,567,820) (1,166,267) --------------------- --------------------- SHAREHOLDERS’ FUNDS £975,509 £1,444,328 ========== =========
This financial information has been extracted from the audited financial statements of the Group for the year ended
The Directors do not propose to pay a dividend for the year.
The Directors of the Company accept responsibility for this announcement.
--ENDS--
For further information please contact:
Tel: +44 7830 182501
NEX EXCHANGE CORPORATE ADVISER:
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
